Tuesday, April 29, 2025
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DevelopmentMidwestMissouriMultifamily

Cordish Begins Conversion of Office Building into Apartments in Kansas City’s Power & Light District

by Kristin Harlow

KANSAS CITY, MO. — The Cordish Cos. has begun construction on the conversion of the historic Midland Office Building into Midland Lofts, a 135-unit apartment building in Kansas City’s Power & Light District. The project is directly connected to the Midland Theatre. In 2008, Cordish and AMC completed a two-year, multi-million-dollar renovation of the theater, which first opened its doors in 1927. The office building has been vacant for more than 20 years. Midland Lofts will feature studios and one-bedroom units. Amenities will include a coffee bar, entertainment kitchen, fitness center, coworking spaces, billiards room, club lounge, meditation room, business center, conference rooms and package system. Local Kansas City architecture and design firm Helix is the project architect, and RD Jones + Associates is the interior designer for the amenity spaces. Completion is slated for May 2024.

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DevelopmentHealthcareMidwestMissouri

Tarlton Tops Out Construction of SSM Outpatient Center in O’Fallon, Missouri

by Kristin Harlow

O’FALLON, MO. — Tarlton has topped out construction of a new SSM outpatient center in the St. Louis suburb of O’Fallon. Tarlton broke ground on the two-story, 66,000-square-foot project in December. Completion is slated for mid-2024. SSM Health is partnering with SSM Health Medical Group, SLUCare Physician Group and Cardinal Glennon Children’s Hospital to provide primary, specialty and pediatric services at the facility, which is situated near the Streets of Caledonia mixed-use project. ACI Boland Architects is the project architect.

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AcquisitionsMidwestMissouriMultifamilyStudent Housing

Newmark Arranges Sale of 428-Bed Student Housing Community in St. Louis

by Kristin Harlow

ST. LOUIS — Newmark has arranged the sale of Everly on the Loop, a 428-bed student housing community serving Washington University in St. Louis. The sales price was undisclosed. Built in 2017, the high-rise property includes fully furnished units. Amenities include a fitness center, rooftop deck, yoga and spin studio, study rooms and resident shuttle to campus. Located at 6105 Delmar Blvd., Everly on the Loop is situated in the pedestrian-friendly West End neighborhood of St. Louis. Ryan Lang, Jack Brett, Ben Harkrider and Mac Crowther of Newmark represented the sellers, GMH and AGC. The buyer was R5. According to Newmark, total student enrollment at Washington University is just over 17,000, with 90 percent of undergraduate students attending from out of state.

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DevelopmentIndustrialMidwestMissouri

Contegra Breaks Ground on First Building at $129M Lakeside Logistics Center in St. Peters, Missouri

by Kristin Harlow

ST. PETERS, MO. — Contegra Construction has broken ground on the first of five planned buildings at Lakeside Logistics Center, a $129 million industrial project in St. Peters, a northwest suburb of St. Louis. NorthPoint Development is developing the 190-acre project. The first building, slated for completion by the end of this year, will total 490,000 square feet. It will feature a clear height of 36 feet, 51 dock doors, seven drive-in doors, four office spaces and parking for 490 cars and 134 trailers. Lakeside Logistics Center will ultimately consist of up to five speculative buildings totaling 1.6 million square feet.

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DevelopmentIndustrialMidwestMissouri

Hunt Midwest to Break Ground on 3,300-Acre KCI 29 Logistics Park in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Developer Hunt Midwest is scheduled to break ground Wednesday, June 21 on KCI 29 Logistics Park in Kansas City. The 3,300-acre project, situated near the Kansas City International Airport, is the largest contiguous industrial site in Missouri, according to the developer. Hunt Midwest says the development has the potential to accommodate up to 20 million square feet of industrial space, attract 9,000 jobs and generate $2.5 billion of capital investment. The site is located just north of the new KCI terminal with direct access to the KCI air cargo hub as well as interstates 29 and 435. The State of Missouri has awarded project funding via an industrial grant program and a transportation cost-share program.

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LoansMidwestMissouriMultifamily

Drever Partners Receives $15.7M Loan for Refinancing of Micro Apartment Property in Branson, Missouri

by Kristin Harlow

BRANSON, MO. — Drever Partners has received a $15.7 million loan for the refinancing of The Penleigh-Branson Row in Branson. The property was formerly a hotel and was converted into 325 micro apartment units. The community leased up in nine months. Franklin Templeton provided the CMBS loan, which features a 10-year term and a 60 percent loan-to-value ratio. CoreVest Finance, a real estate investment lender and division of Redwood Trust Inc., provided the original financing and construction loan for the multifamily renovation. Drever Partners is now raising capital for The Penleigh-Live Oak, a project that will convert the former 143-room Hall of Fame Motel into 138 micro apartments. The property will adjoin The Penleigh-Branson Row.

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AcquisitionsMidwestMissouriRestaurantRetail

Blue West Capital Negotiates $2.4M Sale of Kansas City Restaurant Property

by Kristin Harlow

KANSAS CITY, MO. — Blue West Capital has negotiated the sale of a single-tenant restaurant property occupied by Freddy’s Frozen Custard & Steakburgers in Kansas City for $2.4 million. Freddy’s has a new long-term, net lease at the property, which is located at 13628 Washington St. The lease includes 10 percent rental increases every five years and is guaranteed by M&M Custard, the third-largest Freddy’s franchisee. There are roughly 450 Freddy’s locations nationwide. Zach Wright and Brandon Wright of Blue West Capital represented the seller, a Midwest-based development company. The property sold to an all-cash buyer based in California.

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DevelopmentMidwestMissouriRetail

Keystone Construction Completes $4M Outdoor Entertainment Space at The District of St. Louis

by Kristin Harlow

CHESTERFIELD, MO. — Keystone Construction Co. has completed Hub Stl, a $4 million outdoor entertainment space at The District of St. Louis in Chesterfield. The District is devoted to live music, food and beverage concepts and retail space. Construction on Hub Stl began last fall with the demolition of the Polo Building. Keystone built a performance stage, 70 feet by 21 feet, with a synthetic turf field viewing area with capacity for 400 people. A large LED screen and sound and lighting system will be installed later this summer. The performance area will be encircled by local restaurants with patios, a brewery and beer garden. Anticipated to open later this summer is 4 Hands Brewing Co., which will occupy the anchor space with a 10,000-square-foot taproom. Hi-Pointe Drive-In, the brewery’s culinary partner, will operate a fast-casual dining concept within the space. Keystone previously built two other destinations within The District — Main Event and The Factory. Main Event is a 50,000-square-foot indoor entertainment center with 22 lanes of bowling, laser tag, gravity ropes and hundreds of arcade and virtual reality games. The Factory is a 52,000-square-foot indoor concert venue with seating for up to 3,400 people. It was the first …

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AcquisitionsMidwestMissouriMultifamily

Avanti Residential Acquires Summit Square Apartment Community in Metro Kansas City for $80M

by Kristin Harlow

LEE’S SUMMIT, MO. — Avanti Residential has acquired the 308-unit Summit Square apartment community in the Kansas City suburb of Lee’s Summit for $80 million. Avanti now owns eight apartment properties in the greater Kansas City market. Built in 2018, Summit Square is located at 789 NW Donovan Road. Mac Crowther and Whittaker Potts of Newmark represented the seller, NorthPoint Development. Avanti owns and operates more than 8,000 apartment units in Colorado, Arizona, Utah, Florida and metro Kansas City.

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DevelopmentIndustrialMidwestMissouri

McCarthy Breaks Ground on USDA Food Safety, Inspection Service Lab in Normandy, Missouri

by Kristin Harlow

NORMANDY, MO. — McCarthy Building Cos. has broken ground on the new home of the USDA’s Food Safety and Inspection Service Midwestern Laboratory in Normandy, a northwest suburb of St. Louis. The state-of-the-art, 83,000-square-foot facility will support science and technology to address present and future public health challenges. The project will consist of two loading docks for shipping and receiving, a large warehouse for field operations storage, a processing center, microbiology labs, chemistry labs and administrative offices. The General Services Administration signed a lease with US Federal Properties for a term of 20 years and a total contract value of $115.5 million. Site and civil work are expected to be completed in the fall, with building construction occurring in 2024 and 2025. Hoefer Welker is the designer. The Food Safety and Inspection Service’s roughly 60 employees at its St. Louis-based laboratory are expected to move to the new facility in mid-2025.

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